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Australian shares advance on big rate cut; Nikkei sinks

HONG KONG -- Australian shares climbed on a larger-than-expected interest-rate cut by the country's central bank, fanning expectations that other central banks will also act.

The move, which lowered the Reserve Bank of Australia's benchmark rate by full percentage point to 6%, helped other Asian markets pare losses. Nonetheless, Japan's benchmark lost 3%. Hong Kong's stock market was closed for the Chung Yeung Festival.